Page:United States Statutes at Large Volume 18 Part 1.djvu/1077

 'l`rrm·: 1.x11.—-NATIONAL BANKS.—Ch. 3. 1005 within the cities named, shall select-, subject to the approval of the Comptroller, an association in either of the cities named, at which it will redeem its circulating notes at par. The Comptroller shall give public notice of the names of the associations selected, at which redemptions are to be made by the respective associations, and of any change that may be made of the association at which the notes of any association are redeemed. \Vhenever any association fails either to make the selection or to redeem its notes as aforesaid, the Comptroller of the Currency ma , upon receiving satisfactory evidence thereof, appoint a receiver, in this manner provided for in section fifty-two hundred and thirty-four, to wind up its a airs. But this section shall not relieve any association from its liability to redeem its circulating notes at its own counter, at par, in lawful money on demand. Sec. 5196. Every national banking association formed or existing N¤?i<>¤¤lb¤¤l<¤*<> under this Title, shall take and receive at par, for any debt or liability ;$°§;;$"::fg:f(E' to it, any and all notes or bills issued by any lawfully organized national -3 Jigéjw banking association. But this provision shall not a ly to any associa- 1ce,S_32,vT13_p_1b9: tion organized for the purpose of issuing notes payable in gold. zgi)2 J gil yié87(L,5g. ‘ -,s. ,v. ,p. .. Sec. 5197. Any association may take, receive, reserve, and charge on Limi*·***lQ¤ “P°¤ any loan or discount made, or upon any note, bill of exchange, or other   ga 'g;°;`,':f evidences of debt, interest at the rate allowed by the laws of the State, Bn_ y Territory, or district where the bank is located, and no more, except that - c·· - -- --- where by the laws of any State a different rate is limited for banks of mg ';“§§"}8{s§’ °‘ issue organized under State laws, the rate so limited shall be allowed wg:'' p` for associations organized or existing in any such State under this @7* Title. When no rate is fixed by the laws of the State, or Territory, or ,i0,,allgl,¥,kl,fMi;: district, the bank may take, receive, reserve, or charge a rate not ex- ¤0ur1,1s\Val1,,4o9; ceeding seven per centum, and such interest may be taken in advance, In rc Alfred Wild, reckoning the days for which the note, bill, or other evidence of debt 11 Bl“'·°h··2*3· has to run. And the purchase, discount, or sale of a bona-fide bill of exchange, payable at another place than the place of such purchase, discount, or sale, at not more than the current rate of exchange for sight-drafts in addition to_the interest, shall not be considered as taking or rcceiving a reater rate of interest. Sec. 5198. Idle taking, receivin, reserving, or charging a rate of in- Qonsequencesof terest reater than is allowed by the preceding section, when knowingly mku'8 “¤“”°“S 1** done, 51all be deemed a forfeiture of the entire interest which the note, 5*15*5; bill, or other evidence of debt carries with it, or which has been agreed 3 June, 1864, c. to be paid thereon. In case the greater rate of interest has been paid, {gg “·‘3°· Y- 13» P- the person by whom it has been paid, or his legal representatives, may lg Fd, 1875 (,_ recover back, in an action in the nature of an action of debt, twice the 80, v. 18, 211. 320,. amount of the interest thus paid from the association taking or receiving the same; provided such action is commenced within two years from the Bank ,._ DQ,,,,.,,;' time the usurious transaction occurred. [That suits, actions, and pro- 91 U. S., 29. i  against any association under this title may be had in any circuit, district, or territorial court of the United States held within the district in which such association may be established, or in any State, county, or municipal court in the county or cit 7 in which said association is located havin ]urisdiction in similar cases.], Sec. 5199. Tl5e directors of any association mav, semi-annually, de- Dividends. clare a dividend of so much of the net profits of the association as they `;gE,j@; shall judge expedient; but each a sociation shall, before the declaration 166, s. 33; v. 13; p. of a dividend, carry one-tenth part of its net profits of the preceding half- 109- year to its surplus fund until the same shall amount to twenty per centum of its capital stock. Sec. 5200. The total liabilities to any association, of any person, or of _ Limit to liabiliany company, corporation, or firm for money borrowed, including, in the 9*** Wh*{*h{)“*’·Y be liabilities of a company or firm, the liabilities of the several members :,?:;°;s0D lémmy thereof, shall at no time exceed one-tenth part of the amount of the —T—;-l-— capital stock of such association actually paid in. But the discount of Ib‘d··°·29~l’·1°8· bi is of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually owned by the person negotiating the same, shall not be considered as money borrowed.